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Company Accounts

20 Questions  I  By Sweetsalman123
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1.  X Ltd. purchased the business of Y Ltd. for Rs. 90,000 payable in fully paid shares of 10 each; shares were issued at a premium of 25%. Number of shares issued against purchased consideration will be - 
A.
B.
C.
D.
2.  In the trial balance of a joint stock company, the following balances are given                                                                                    Dr.                               Cr.  10% Mortgage Debentures (Payable after five years)-                                                                      Rs. 1,00,000                                                                                                  Discount allowed on issue of debentures      2000  Amount of discount written off per year will be
A.
B.
C.
D.
3.  Ryan Ltd issued 20,000,8% debentures of Rs.10 each at par, which are redeemable after 5 years at premium of 20%. The amount of loss on redemption of debenture to be written off every year will be 
A.
B.
C.
D.
4.  In the trial balance of joint stock company the following balances are given (i)10% Mortgage debenture                         4,00,000         (payable after 4 years) (ii) Discount allowed on issue of debenture  10,000 Amount of discount written off per year will be  
A.
B.
C.
D.
5.  A company cannot issue redeemable preference shares for a period exceeding
A.
B.
C.
D.
6.  If on a share of Rs.50. Only is Rs.40 has been called and the company has received Rs.30 till date. The capital account should be credited with  
A.
B.
C.
D.
7.  Light Ltd. has 10,000 5% preference shares of Rs. 10 each to be redeemed after 5 years. The company forfeited 500 preference shares on which final call of Rs 2 has not been received, after due.notice and cancelled these shares on account of redemption. Remaining shares were redeemed out of reserves of the company. The amount to be credited to capital redemption reserve will be  
A.
B.
C.
D.
8.  Mr. Yogesh was the holder of 700 shares of Rs.100 each in KFC Ltd upon which 50 per share had been called up but he had paid only Rs.25 per share thereon. The company forfeited his shares & afterwards sold them to Kamlesh, credited as Rs.50 per share paid for Rs.25,000. The amount to be transfer to capital reserve is                                  
A.
B.
C.
D.
9.  Beta Ltd was formed as a public limited company with on authorised capital of Rs.2000000 divided into shares of Rs.10 each. Beta Ltd issued fully paid up share of Rs.10 each in consideration of acquiring asset worth Rs.380000 from M/s Rahim Bros. The shares are issued at a premium of 25%. To record this transaction share capital need to be credited by   
A.
B.
C.
D.
10.  Anwar Ltd. Purchased building worth Rs. 99,00,000 and issued 12% debentures of 100 each at a premium of 10%. Premium amount will be  
A.
B.
C.
D.
11.  A to whom 100 shares of Rs.10 each was allotted at par, paid Rs.3 on application, Rs.3 On allotment but could not pay the first and final call money of Rs.4. His shares were forfeited by the directors. The amount to be credited to shares forfeited account will be  
A.
B.
C.
D.
12.  Mr. Big who was the holder of 200 equity shares of Rs.100 each on which Rs.75 per share has been called up could not pay his dues on allotment and first call each at Rs.25 per share. The Directors forfeited the above shares and reissued 150 of such shares to Mr. Small at Rs.65 per share paid-up as Rs.75 per share. The amount to be transferred to Capital Reserve account will be                       
A.
B.
C.
D.
13.  Discount on issue of debentures is a____________  
A.
B.
C.
D.
14.  W Ltd. issued 20,000, 8% debentures of Rs.10 each at par, which are redeemable after 5 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
15.  Shiva Ltd. Issued 20,000 shares of Rs. 10 each at a discount of 10% Payments were to be made as -application Rs. 3; on Allotment Rs. 4 and on First and Final Call Rs. 2. Applications were received for 18,000 shares and all were accepted. All money duly received. Balance Sheet total will be____________.  
A.
B.
C.
D.
16.  A company issued Rs.20,000 15% debentures at a discount of 10% redeemable after 15 year at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
17.  Rama Ltd. Forfeited 800 shares of Anil of Rs. 10 each fully called up for non­payment of final call of Rs.2 per share and reissued to Ankit as fully paid up for Rs.10 per share. Amount transferred to capital reserve will be  
A.
B.
C.
D.
18.  P Ltd. issued 5,000,12% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption Of debentures to be written off every year is  
A.
B.
C.
D.
19.  Mr. Rajiv was the holder of 200 shares of Rs.10 each in RPG Ltd. upon which Rs.5 per share had been called up but he had paid only Rs.2.5 per share thereon. The company forfeited his shares and afterwards sold them to Satbir, credited as Rs.5 per share paid for Rs.900. The amount to be transferred to capital reserve is:  
A.
B.
C.
D.
20.  Prakash Ltd. issued 15,000,15% debentures of Rs.100 each at a premium of 10%, which are redeemable after 10 years at a premium of 20%. The amount of loss on redemption of debentures to be written off every year is  
A.
B.
C.
D.
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